Renovation loans

A renovation loan lets you finance a home and the improvements you want to make in a single loan, whether you’re buying a fixer-upper or updating the home you already own. Instead of a separate loan or credit card for the work, the cost of the project can be part of your mortgage.

Renovation options are available through several loan types, including conventional and FHA programs. The loan is typically based on the home’s expected value after the work is done, and the improvements are paid out as the project moves along, working with your contractor.

A licensed loan officer can help you understand which renovation option fits your project, what the lender needs from your contractor, and how the process works from start to finish. Eligibility, underwriting and property requirements apply.